The Securities and Exchange Board of India Act,1992

This article has been written by Mitushi More, a student of BA.LLB. VII Semester at Shri Vaishnav institute of law, Indore.

Table of Contents

Introduction

The Securities and Exchange Board of India Act, 1992 is an act that was enacted for the regulation and development of the securities market in India. It was amended in the years 1995, 1999, and 2002 to meet the requirements of changing needs of the securities market.[1]

“SEBI is a statutory body and a market regulator, which controls the securities market in India. The basic functions of SEBI is to protect the interests of investors in securities and to promote and regulate the securities market. SEBI is run by its board of members. The board consists of a Chairman and several other whole time and part-time members. The chairman is nominated by the union government. The others include two members from the finance ministry, one member from the Reserve Bank of India and five other members are also nominated by the Centre. The headquarters of SEBI is situated in Mumbai and the regional offices are located in Ahmedabad, Kolkata, Chennai and Delhi.”[2]

SEBI came into existence on 12^th April 1988. It replaced the Controller of Capital Issues Department of the Government. In 1988, SEBI had limited powers with negligible jurisdiction. In 1992, the SEBI Act bestowed a plethora of responsibilities on the body and gave it a statutory Status. Thus after 1992, SEBI was known as a statutory authority and its jurisdiction extended to The whole country except the erstwhile princely states of Jammu & Kashmir.[3]

The SEBI Board is headed by fa Chairman (nominated by the Union Government of India). The Board consists of 2 Officers from the Union Finance Ministry serving as whole-time members, 1 Member from the Reserve Bank of India (RBI) and 5 members nominated by the RBI (at least 3 Out of 5 RBI nominated members must be whole-time members).[4]

Currently, Madhabi Puri Buch[5] is the new chairperson of the SEBI Board.

Since its inception, SEBI has grown steadfastly. Its gradual growth can be analyzed through 3 Scams- Harshad Mehta Securities Fraud,[6] Satyam Scandal [7]and Sahara Scam.[8]

Reason for the establishment of SEBI

The objectives of the Stock Exchange Board of India are:

Protection to the investors

The primary objective of SEBI is to protect the interest of people in the stock market and provide a healthy environment for them.[9]

Prevention of malpractices[10]

This was the reason why SEBI was formed. Among the main objectives, preventing malpractices is one of them. In case Morgan Stanley Mutual Fund vs Kartick Das[11] court mentioned in there order that “ SEBI should have acted in accordance with Section 11(2)(e) of the SEBI Act, 1992 for prohibiting fraudulent and unfair trade practices relating to securities market”

Fair and proper functioning[12]

SEBI is responsible for the orderly functioning of the capital markets and keeps a close check over the activities of the financial intermediaries such as brokers, sub-brokers, etc.

Apart from this, there were 3 major scandals due to which some strict provisions had to be brought along with the SEBI Act.

Harshad Mehta Securities Fraud (1988-1995)

In 1988, SEBI had limited powers. Chiefly it regulated the securities market and ensured its Constant development. SEBI had no control over the transactions taking place between the brokers And the investors. However, the scenario changed completely after the Harshad Mehta Securities Fraud.

Harshad Mehta was a stockbroker and started his own securities firm in 1990- “Grow More Research & Asset Management Limited”. He was reputed and revered in the markets. Being Considered the “Sultan of Dalal Street”, investors blindly followed Mehta’s footsteps. Mehta Misused his status to manipulate the stock prices of certain shares on the scrip for his personal Financial gain.

Basically what Harshad Mehta did was invest large sums of money in a particular share. Seeing Him invest, the other shareholders and investors also invested in the same shares. This resulted in Unnatural pumping of money into the stock markets causing a rise in the price of these shares on The scrip. Unnatural inflation of stock prices resulted in the Bull Run.[13]

The above operation though Immoral was not illegal but the problem arose because Mehta obtained Capital to invest in the stock markets by misappropriating banks’ money. When banks gave Mehta Cash to purchase government securities owned by other banks, he invested this money into the Stock markets, sold the purchased shares at a profit after a period of 7 days or so and then completed The purchase of government securities. The money handed over to Mehta was given for a specific Purpose and he wrongfully used the money for personal gain. This falls within the scope of money Laundering. Thus, Mehta made approximately Rs. 5000 crores by investing misappropriated money In the securities markets.

SEBI, having no authority to regulate the transactions between investors and brokers, was Handicapped. The only authority with the jurisdiction to look into the matter was the Central Bureau of Investigation (CBI).

The government was made aware of this major gap in the regulation of securities markets and after Introspection they decided to bestow SEBI with greater powers promoting it to the status of “market regulators”. In lieu of this, the Legislature speedily approved the SEBI Act, 1992.

The SEBI Act gave SEBI a 3 fold duty-

Protection function- To protect the stock markets from unscrupulous investors and to Protect the investors from unfair market practices.
Development Function– To develop the stock markets healthily and lawfully.
Regulation Function-: To regulate the transactions between brokers, investors and the Stock market to ensure fair play.

Satyam Scandal (2001-2008)

The Satyam Scandal came to light on 7^th January, 2009 by way of a confession letter written by B. Ramalinga Raju (the Founder and Chairman of Satyam Computers Services Limited) published in The Times of India.

In this case , Ramalinga Raju manipulated the books of accounts [14]to cheat investors and Shareholders into believing that the company was doing better than the reality. Raju managed to Run the scam past the auditors, Price Waterhouse Coopers (PWC) for 7 years. Raju flouted SEBI Regulations of Fraudulent and Unfair Trade Practices (FUTP), SEBI Regulations for Prevention Of Insider Trading (PIT) and SEBI Regulations for Issue of Capital and Full Disclosure Requirements (ICDR). The Satyam Scam was a major setback to SEBI.

List of Changes by SEBI after the Satyam Scandal-:

A record of all transactions with respect to the stock markets to be maintained by the Companies for inspection by SEBI.
Regular monitoring of all transactions by SEBI between investors, shareholders, Brokers and the company. [15]
Special attention to large, unusual transactions by SEBI while inspecting of balance Sheets.
Appointment of the Chief Financial Officer[16] (CFO) to be made by the Audit Committee After a proper assessment of their background, qualifications, etc.
Appointment of Independent Directors[17] on the Board to ensure the fair and honest Functioning of the company. No stock options are to be given to these directors and the Salary should also be given in the form of reimbursements.
Several audit norms were introduced like the mandatory rotation of auditors/ audit Firms every 5 years.
Preventing auditors from undertaking any non–audit related to activities to ensure that The auditors are true to their work and there is no conflict of interest.

Sahara Scam (2009- Present)[18]

The Sahara Scam is the biggest victory for SEBI in recent times.

Sahara India floated 2 new companies- Sahara India Real Estate Corporation Limited (SIRECL) And Sahara Housing Investment Corporation (SHIC) in 2005 by registering them under the Companies Act, 1956 with the relevant Registrar of Companies in Kanpur and Maharashtra respectively. In the annual meetings held by both companies, a resolution was passed to raise funds through private placement of optionally fully convertible debentures (OFCD’s[19])418 from the Friends, associates, and family members of the Board of Directors. Funds were also to be raised Through the circulation of an information memorandum t[20]o a few trusted investors. The date of Commencement of issues of the debentures was 25^th April 2008 and 20^th November 2009, respectively. SIRECL collected Rs. 17,656.53 crores (net value) between 25^th April 2008 and 13th April 2011. SHICL collected Rs. 6373.20 crores (net value) between 20^th November 2009 and 13^th April 2011. Thus both companies collected Rs. 24,029.73 crores from 30 million investors Over a period of 3 years

In 2009, when a red herring prospectus for Sahara Prime City (a real estate venture of Sahara India) Was submitted to SEBI for approval, SEBI noticed unusual fundraising activity in the 2 firms-SHIC and SIRECL. On 4^th January 2010, SEBI received a complaint from a man, Roshan Lal, Who alleged that “illegal means were being used by SHICL and SIRECL in the issuance of OFCDs.”[21]

Security exchange board of India (SEBI) act, 1992

Constitution of SEBI

The SEBI’s hierarchical structure comprises the following 9 designated officers –

The chairman – is nominated by the Indian union government.
Two members belonging to the union finance ministry of India.
One member belongs to the reserve Bank of India.
Other five members – were nominated by the union government of India.[22]

Functions of SEBI

The main functions of the SEBI are mentioned below:

To help the business in stock exchanges and other securities markets.
Registration and regulation of the work of stock brokers, sub-brokers, bankers and share transfer agents to an issue, trustees of trust deeds, registrars to an issue, underwriters, merchant bankers, investment advisers and other mediators who may be connected with securities market in any manner.
Drafting and working of the venture capital funds and collective investment policies including mutual funds.[23]
Governing and forming the works of the depositories, custodians, participants of securities, foreign institutional investors, credit rating companies and many other intermediaries like these as the Board may, through the notice, mention in this behalf.
Promotion and regulation of self-governing organizations.
Banning the frauds and unfair trade practices related to the securities markets.
Promotion of the knowledge of investors and training of mediators of securities market.
To stop the insider marketing in securities markets.
Regulationntial acquirement of shares and takeover of companies.
Conducting inquiries and audits of the stock exchange market, mutual funds and other people related with the securities market and intermediaries and self-ruling organizations in the securities market.
Asking for the essential information and record from any bank or other authority or board set up or ruled by any Central State or Provincial Act in respect of any transaction in securities market which is under inquiry by the board.
Conducting such functions and governing such powers under the provision of the Securities Contracts (Regulation) Act, 1956, as may be given to it by the Central Government of India.
It has to promote the growth of the Securities Market and also governs the Securities Market.
It has to look after the market operations and administrative structure and control of exchange.
To stop the unfair trade practices which take place in the Securities Market.
To safeguard the interest of investors in the market and regulation of the working of the mediators.
Promotion and regulation of self-governing organizations.
To provide proper knowledge for the investors and to give complete training for the intermediaries.
To regulate the significant acquisition of shares and to take control over it.[24]

Powers of SEBI

Power to issue directions and levy penalty
Power to conduct investigation
Power to initiate cease and desist proceedings
Power to issue a certificate of registration and impose conditions therein
Power to order the suspension or cancellation of certificate of registration performing such other functions as may be prescribed.

Penal powers under the SEBI act

To Issue Directions [25]– If after making or causing to be made an enquiry, the board is satisfied that it is necessary-
‘In the interest of investors, or orderly development of securities market;[26]
‘To prevent the affairs which are detrimental to the interest of investors or securities market.
‘ To secure the proper management of such intermediary or person.
To investigate – [27]Where the Board has reasonable ground to believe that:
‘Any transaction that is dealt in a manner detrimental to the investors or securities market; Intermediary violates any provision of the Act, rules, regulations made under it or any order passed by the chairman.
‘It may Direct any person to investigate the affairs of such intermediaries or any other person concerned and to report thereon to the Board.[28]
To Cease and Desist the Proceedings –[29]The board may pass cease & desist order in the following case:
‘where any provision of the Act, rules and regulations has been violated or is likely to be violated.[30]
‘In case of insider trading or market manipulation.

Contraventions and penalties

Penalties for failures – A person is liable to a penalty which shall not be less than one lakh rupees but which may extend to one lakh rupees for each day during which such failure continues to maximum one crore rupees,

-If he fails, to furnish any document, return or report to the SEBI [31]
-To file any return or furnish any information, books, or other documents within the time specified therefore in the regulations.
-To maintain books of accounts or records.

Penalties for defaults – In the case of mutual funds, any person is liable to a penalty which shall not be less than one lakh rupees but which may extend to one lakh rupees for each day during which he sponsors or carries on any collective investment scheme including mutual funds, subject to a maximum of one crore rupees, if he sponsors or carries on any collective investment scheme, including mutual funds, without obtaining a such certificate of Registration.[32]

He fails to comply with the terms and conditions of the certificate of registration and Fails to make an arrangement for the listing of its schemes as provided for in the regulations governing such listing.

Fails to dispatch unit certificates of any scheme in the manner provided in the regulations governing such dispatch.

Fails to refund the application monies paid by the investors within the period specified in the regulations.

Fails to invest the money collected by such collective investment schemes in the manner or within the period specified in the regulations.

Supreme court guideline’s regarding penalty under section 15 of SEBI act,1992.

Supreme Court in the case of State of H.P vs Nirmala Devi held:[33]

“The cardinal principle of sentencing policy is that the sentence imposed on an offender should reflect the crime he has committed and it should be proportionate to the gravity of the offence. This Court has repeatedly stressed the central role of proportionality in the sentencing of offenders in numerous cases.”

Supreme Court in the case of State of M.P vs Najab Khan and Ors said[34]:

“It is settled principle of law that the punishment should meet the gravity of the offence committed by the accused and courts should not show undue sympathy with the accused persons. This Court has repeatedly stressed the central role of proportionality in the sentencing of offenders in numerous cases.”

Supreme Court in the case of Shailesh Jasvantbhai and Another vs. State of Gujarat and others held:

“that the sentence imposed is not proportionate to the offence committed, hence not sustainable in the eyes of law”

Supreme Court in the case of State of Punjab v Prem Sagar & Ors held:[35]

“Supreme Court expressed serious concern on this behalf pointing out the recommendations of committees such as the Madhava Menon Committee & the Malimath Committee for framing of sentencing guidelines. It was, however, observed that while awarding a sentence, whether the court would take recourse to the principles of deterrence or reform, or invoke the doctrine of proportionality, would depend upon the facts and circumstances of each case”

Supreme Court in the case of Union of India vs. V. Sriharan, Murugan & Ors held:[36]

“Punishments must be proportionate to the nature and gravity of the offences for which the same is prescribed.”

Security Appellate Tribunal ( SAT)

Securities Appellate Tribunal is a statutory body developed under the provisions of Section 15K of the Securities and Exchange Board of India Act. Securities Appellate Tribunal was mainly established to hear an appeal against the order passed by the SEBI (Securities and Exchange Board of India) or by an adjudicating officer under the SEBI Act. [37]

Securities Appellate Tribunal (SAT) would consist of the following:[38]

One presiding Officer – The Central Government will appoint the presiding Officer of the Securities Appellate Tribunal in discussion with the chief justice of India or nominee. The person so appointed as the presiding Officer should meet the following requirements:

The retired or sitting judge of the supreme court.
The retired or sitting judge of the high court.
the retired or sitting judge of the high court, who has completed at least seven years of service as a judge in a high court[39]

Other members –

The Central Government will appoint two members of the Securities Appellate Tribunal. The member so appointed should possess the following qualities:

The member should be capable of dealing with problems related to the securities market.
The member should possess qualifications and experience related to corporate law, securities laws, economics, finance or accountancy.[40]

tenure

-Presiding Officer: The tenure for Presiding Officer will be five years from the date of appointment or re-appointment.

Other members: The tenure for the member will be five years from the date of appointment or re-appointment.[41]

power’s

The Securities Appellate Tribunal (SAT) will have the same powers as vested in a civil court under the code of civil procedure[42] while trying a suit, with respect of the following matters namely:[43]

-Enforce and summon the attendance of any person

-Require the discovery and production of documents

-Receive evidence on affidavits

-Issue commissions for the examination of the documents or witnesses

-Dismiss an application for default or deciding it ex-parte

-Set aside any order or dismissal of any application for default or any other order passed by it ex-parte

-Any other matter as and when prescribed.[44]

Appeal under SAT

Every person aggrieved by an order of the Securities and Exchange Board of India or adjudicating officer is liable to make an appeal to the Securities Appellate Tribunal (SAT). Also, As per the SEBI Act, any authorised person is a Company Secretary, Chartered Accountant (CA), Cost Accountant or Legal Practitioner can appear before the Securities Appellate Tribunal (SAT).[45]

Time limit – appeal to the Securities Appellate Tribunal should be filed within 45 days from the day on which a copy of the order passed by the Securities and Exchange Board of India or adjudicating office is received.

The Securities Appellate Tribunal may allow an appeal after the expiry of the specified period of 45 days if the reason for not filing the appeal within the said period is satisfied.

The appeal should be made in three copies along with the additional copies for each additional appeal, and that should be signed by the authorised person.

On receipt of the appeal, the Securities Appellate Tribunal may confirm, modify or set aside the order appealed against and such appeal should be disposed of within 6 months from the date of receipt of such appeal.[46]

Appeal before the supreme court[47] – power and jurisdiction of the Supreme Court to consider the decisions of the SAT is provided in Section 15Z of the Act. Section 15Z of the Act provides that any person aggrieved by any decision or order of the SAT may file an appeal to the Supreme Court within sixty days from the date of communication of the decision or order of the Securities Appellate Tribunal to him on any question of law arising out of such order. The Supreme Court may if it is satisfied that the applicant was prevented by sufficient cause from filing the appeal within the said period, allow it to be filed within a further period not exceeding sixty days.[48]

Conclusion

SEBI through its rules and regulations and directions has played a major role in the development and strengthening of the securities market. More than three-fourths of the sample investors feel happy and good about the capital market regulation in the country. They have a firm belief in the SEBI for stopping the occurrence of scams. The main motive is to form such an environment which simplifies the efficient mobilization and distribution of resources through the securities market. This includes rules, regulations, guidelines policy framework, practices and infrastructures to meet the requirements of three groups which mainly set up the market, i.e. issuers of securities, the investors and the market mediators.

References

~ Harshad S. Mehta vs Central Bureau Of Investigation on 1 October 1992

~ M/S. Satyam Computer Services … vs Directorate Of Enforcement, … on 31 December 2018

~ Sahara India Real Estate … vs Securities & Exchange Board Of India & … on 11 September, 2012

~ Securities And Exchange Board Of … vs Alka Synthetics Ltd. And Ors. On 29 Dec

~ Sahara India Real Estate … vs Securities & Exchange Board Of India & … on 11 September, 2012

~ Agrawal vs Securities Exchange Board Of India, on 3 November 2003

~ Ritu Devi vs Securities And Exchange Board Of … on 22 March 2012

~ Rajan Vasudevbhai Dapki And 2 Ors. Vs Securities And Exchange Board Of … on 17 July 2006

~ state Of H.P vs Nirmala Devi on 10 April, 2017

~ State Of M.P vs Najab Khan & Ors on 1 July 2013

~ State Of Punjab vs Prem Sagar & Ors on 13 May 2008

~ Nion Of India vs V. Sriharan @ ,Murugan & Ors on 25 April, 2014

~ Security exchange board of India Act,199

~ Section 11 (e) in The Securities and Exchange Board of India Act, 1992 Morgan Stanley Mutual Fund vs Kartick Das on 20 May 1994

~ Section 11 in The Securities and Exchange Board of India Act, 1992

~ Section 11 in The Securities and Exchange Board of India Act, 1992 – functions of SEBI.

~ Section 203 of Companies Act, 2013

~Section 149. Company to have Board of Directors, companies act, 2013

~ Section 4 in The Securities and Exchange Board of India Act, 1992

~ Section 11 (3) in The Securities and Exchange Board of India Act, 1992

~ Section 11B in The Securities and Exchange Board of India Act, 1992

~ Section 11C in The Securities and Exchange Board of India Act, 1992

~ Section 11D in The Securities and Exchange Board of India Act, 1992

~Section 15 (1) in The Securities and Exchange Board of India Act, 1992

~ Section 15d in the secretary and exchange board of India at 1992

~ Section 15 k of SEBI Act, 1992

~Section 15 L of SEBI act, 1992

~ Section 15 M of SEBI act, 19Act

~ Section 15 M of SEBI act,1992.

~ Section 15 N of SEBI act, 1992.

~ Section 9 in The Code Of Civil Procedure (Amendment) Act, 2002

~ Section 15 u of SEBI act, 1993.

~ Section 15T of SEBI act, 1992.

~ Section 15 T (1) of SEBI act, 1992.

~ Section 15 Z of SEBI act,1992.

~ Article by Manohar Samal – A Guide to the Securities and Exchange Board of India Act, 1992

~ article by ‘ business standard.com ‘ – Securities and Exchange Board of India (Sebi)

~ a speech by Mr Mohammad Fazal, Governor of Maharastra – A Historical Perspective of the Securities Market Reforms in India

~ article by Simran Chandhok – growth of SEBI India

~ article by Ms Natasha Jain – FORMATION OF SEBI & ITS POWERS (SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992)

~ article by Vinod Kothari – Adjudication of penalties under SEBI: SC ruling gives controlled discretion to Adjudicating Officer

~ article by Karthiga – Securities Appellate Tribunal (SAT)

Keynotes:

[1] https://www.sebi.gov.in/about-sebi.html Security exchange board of India Act,1992

[2] https://wap.business-standard.com/about/what-is-sebi

[3] By Simran chandok , growth of SEBI https://thelawbrigade.com/wp-content/uploads/2019/05/simran-chandok.pdf

[4] https://www.sebi.gov.in/ Section 4 of SEBI act.

[5] https://m.economictimes.com/markets/stocks/news/madhabi-puri-buch-is-new-sebi-chairperson/articleshow/89893550.cms

[6] Harshad S. Mehta vs Central Bureau Of Investigation on 1 October 1992

[7] M/S. Satyam Computer Services … vs Directorate Of Enforcement, … on 31 December 2018

[8] Sahara India Real Estate … vs Securities & Exchange Board Of India & … on 11 September, 2012

https://indiankanoon.org/doc/158887669/

[9] Securities And Exchange Board Of … vs Alka Synthetics Ltd. And Ors. On 29 December 1998

https://indiankanoon.org/doc/1812954/

[10] Section 11(e) in The Securities and Exchange Board of India Act, 1992

[11] Morgan Stanley Mutual Fund vs Kartick Das on 20 May 1994

[12] Section 11 in The Securities and Exchange Board of India Act, 1992

[13] The Bull Run Phenomenon is defined as the large-scale purchase of securities resulting in an increase in price on The scrip.

[14] As per rule 6F, cash books, ledgers, bills/receipts (Bills), journals and daily cash registers come under books of accounts

[15] Section 11 in The Securities and Exchange Board of India Act, 1992 – functions of SEBI.

[16] Section 203 of the Companies Act, 2013

[17] Section 149. Company to have Board of Directors, companies act, 2013

[18] Sahara India Real Estate … vs Securities & exchange Board Of India & … on 11 September, 2012

[19] Private Placement of Shares is defined as an issue of invitation for the purchase of shares sent individually to each Investor and not an open invitation to the public for the purchase of securities. Private Placement of securities generally Happens when an individual invitation to purchase securities is sent to 50 or fewer people.

[20] Full Text of the Information Memorandum circulated by SIRECL available at –: http://supremecourtofindia.nic.in/outtoday/CA9813%20Sahara%20combined.pdf pg.5

[21]Case Summary of Sahara Vs. SEBI:-

https://thelegallock.com/case-summary-of-sahara-vs-sebi#:~:text=The%20Supreme%20Court%20held%20that%20even%20though%20the%20intention%20of,have%20jurisdiction%20in%20that%20matter.

[22] Section 4 in The Securities and Exchange Board of India Act, 1992

[23] Section 11 in The Securities and Exchange Board of India Act, 1992

https://indiankanoon.org/doc/741499/

[24] Section 11 in The Securities and Exchange Board of India Act, 1992

https://indiankanoon.org/doc/741499/

[25] Section 11B in The Securities and Exchange Board of India Act, 1992

[26] Rakesh Agrawal vs Securities Exchange Board Of India, on 3 November 2003

[27] Section 11C in The Securities and Exchange Board of India Act, 1992

[28] Ritu Devi vs Securities And Exchange Board Of … on 22 March 2012

[29] Section 11D in The Securities and Exchange Board of India Act, 1992

[30] Rajan Vasudevbhai Dapki And 2 Ors. Vs Securities And Exchange Board Of … on 17 July 2006

[31] Section 15 (1) in The Securities and Exchange Board of India Act, 1992

[32] Section 15d in the secretary and exchange board of India at 1992

[33] State Of H.P vs Nirmala Devi on 10 April, 2017- https://indiankanoon.org/docfragment/36490022/?formInput=matrix%20%20doctypes%3A%20supremecourt

[34] State Of M.P vs Najab Khan & Ors on 1 July 2013-

https://indiankanoon.org/doc/32920761/

[35] State Of Punjab vs Prem Sagar & Ors on 13 May 2008

[36] Union Of India vs V. Sriharan @ ,Murugan & Ors on 25 April, 2014

[37] Section 15 k of SEBI Act, 1992

[38] Section 15 L of SEBI act, 1992

[39] Section 15 M of SEBI act, 1992.

[40] Section 15 M of SEBI act,1992.

[41] Section 15 N of SEBI act, 1992.

[42] Section 9 in The Code Of Civil Procedure (Amendment) Act, 2002

[43] Section 15 u of SEBI act, 1993.

Hu[44] By karthiga – article on Security Appellate Tribunal ( SAT)

[45] Section 15T of SEBI act, 1992.

[46] Section 15 T (1) of SEBI act, 1992.

[47] Section 15 Z of SEBI act,1992.

[48] Mr M. GOVINDARAJAN – scope of appeal before the supreme court.